Jonathan Dean, of project management consultancy Enborne, which is working with British Land on the proposals, said some of the businesses’ leases are about to expire, and others will be reviewed.

He said it is possible some could remain in the revamped building – but they would have to move out during the revamp.

This could take more than a year, with hopes that if planning consent is achieved soon, work could begin in the first half of 2020 and be done in 2021.

But with the retail space being transformed, with new glass frontages that extend out under the buildings canopy and more shops built in the rear service area, new retailers are expected to be attracted.

The taxi rank in Old Town Street (Image: William Telford)

Mr Dean said: “Only Achievement Training will remain in occupation. There are some leases which are being reviewed and discussed with tenants and occupants and there will be new leases on offer.

“But the building will be vacated to enable the work. Some leases have expiry coming up and so at the end of the lease those businesses may choose to move out anyway.”

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And he added: “The taxi rank will have to move. There is a consultation with the taxi operators.”

Images released by the British Land Company PLC show how the firm wants to transform Old Town Street with the “tired” Norwich Union House refurbished into a swish home for new retail brands.

Achievement Training, in Old Town Street (Image: William Telford)

It could house 10 new shops, over two floors, with new glass frontages extending out to the end of the canopy. The company, which owns Drake Circus Shopping Centre and the block containing Norwich Union House, also wants to build six retail “pavilions” which could also accommodate companies new to Plymouth.

A two-day public consultation is under way and ends on Saturday, February 23, 2019.

A planning application will then be written with British Land aiming to start work in early 2020 and have the scheme completed in 2021.

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British Land, which is also constructing the £53million Drake Circus Leisure multiplex, said the “sensitive” improvement of Norwich Union House, is necessary because of “nationally the retail environment is changing” and “our high streets and city centres are facing serious challenges from the growth of online retailers” and it needs to take action.

Plymouth Retail Ltd, a company owned wholly by British Land, has drawn up the proposals in collaboration with Plymouth City Council as part of its Better Places Plymouth Project to enhance the city centre.